Name: Hess Corp. (NYSE:HES) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Hess Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Cash and cash equivalents	2,486)	2,713)	1,739)	1,545)	2,694)
From contracts with customers	1,041)	1,062)	710)	940)	771)
Joint venture and other	121)	149)	150)	230)	230)
Accounts receivable	1,162)	1,211)	860)	1,170)	1,001)
Inventories	217)	223)	378)	261)	245)
Other current assets	66)	199)	104)	180)	519)
Current assets	3,931)	4,346)	3,081)	3,156)	4,459)
Property, plant and equipment, net	15,098)	14,182)	14,115)	16,814)	16,083)
Finance lease right-of-use assets, net	126)	144)	168)	299)	—)
Property, plant and equipment, net, including finance lease right-of-use assets	15,224)	14,326)	14,283)	17,113)	16,083)
Operating lease right-of-use assets, net	570)	352)	426)	447)	—)
Goodwill	360)	360)	360)	360)	360)
Deferred income taxes	133)	71)	59)	80)	21)
Post-retirement benefit assets	648)	409)	45)	—)	—)
Other assets	829)	651)	567)	626)	510)
Noncurrent assets	17,764)	16,169)	15,740)	18,626)	16,974)
Total assets	21,695)	20,515)	18,821)	21,782)	21,433)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Total assets exhibited a V-shaped trajectory over the five-year period, starting at 21,433 million US dollars in 2018, peaking slightly in 2019, and experiencing a significant contraction to 18,821 million US dollars in 2020. A recovery trend followed, returning total assets to 21,695 million US dollars by the end of 2022, effectively restoring the balance sheet to its 2018 size.

Current Asset Liquidity and Composition: Current assets fluctuated from 4,459 million US dollars in 2018 to a low of 3,081 million US dollars in 2020, before recovering to 3,931 million US dollars in 2022. This volatility was primarily driven by cash and cash equivalents, which declined sharply from 2,694 million US dollars in 2018 to 1,545 million US dollars in 2019, subsequently rebounding to a peak of 2,713 million US dollars in 2021. Accounts receivable remained relatively stable, generally fluctuating between 860 million and 1,211 million US dollars, indicating consistent revenue collection cycles. Inventories peaked in 2020 at 378 million US dollars before stabilizing around 217 million US dollars by 2022.
Fixed Asset Trends and Capital Investment: Property, plant and equipment, net, constitutes the largest portion of the asset base. This category saw a notable decline from 16,814 million US dollars in 2019 to 14,115 million US dollars in 2020, suggesting significant asset impairments or disposals during that period. A gradual recovery was observed thereafter, with the value increasing to 15,098 million US dollars by 2022. The integration of right-of-use assets for both finance and operating leases since 2019 added a modest layer of non-cash assets to the balance sheet, with operating lease right-of-use assets reaching 570 million US dollars in 2022.
Noncurrent Asset Diversification: While goodwill remained static at 360 million US dollars throughout the period, other noncurrent asset categories showed growth. Most notably, post-retirement benefit assets emerged in 2020 and grew rapidly from 45 million US dollars to 648 million US dollars by 2022. Deferred income taxes also increased significantly between 2021 and 2022, rising from 71 million to 133 million US dollars. Other assets trended upward from 510 million US dollars in 2018 to 829 million US dollars in 2022, contributing to the overall growth of noncurrent assets to 17,764 million US dollars.

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